Manila is moving to finalize a free trade agreement with Santiago de Chile by next month as the Marcos administration intensifies its pursuit to widen the country’s access to global markets, according to the Department of Trade and Industry (DTI).

Trade Undersecretary Allan Gepty said the Comprehensive Economic Partnership Agreement (CEPA) with Chile, which would be the country’s first FTA with a Latin American country, is nearing completion.

“We're almost there, so we hope to conclude the negotiations hopefully by next month. We're just finalizing some few items,” he told reporters last week.

Gepty said he is confident that the talks for the trade deal would end next month since “there is no major issue that can hinder the conclusion of the negotiations.”

The CEPA between the Philippines and Chile aims to deepen both countries’ relationship beyond trade in goods and services and into investments, intellectual property, digital trade, competition, and financial services, among others.

The Philippines currently exports processed food and personal care products to Chile, while the Latin American country exports meat products, wines, and salmon.

In 2024, the total trade in goods between the two countries was estimated at around $334.1 million, with Philippine exports reaching $43.3 million and imports from Chile at $290.8 million.

In addition, Gepty said the country is also working to conclude negotiations for an FTA with the European Union (EU) by May.

The next series of talks, to be held in Manila, is expected to be the final round.

During the ASEAN Business Environment Forum last week, Trade Secretary Cristina Roque said the country is hoping to conclude the trade talks with the EU “by June or July” this year, with its entry into force set next year.

Gepty said this target remains “on track” as both sides expedite efforts to resolve remaining points of contention in the trade deal, which he did not detail.

“We have made significant progress in our text-based negotiation, and we're just left with a few outstanding issues which we hope to resolve by May,” he said.

Within the year, the Philippines is also looking to conclude negotiations for an FTA with Canada, which would be another milestone as it would be the country’s first bilateral pact in North America.

Trade Undersecretary Ceferino Rodolfo said last week the FTA between the two countries would be finished “a few months” before the expected conclusion of the ASEAN-Canada Free Trade Agreement (ACAFTA).

The push to complete these negotiations forms part of the government’s goal to complete 20 FTAs by the end of President Ferdinand “Bongbong” Marcos Jr.’s term in 2028.

Roque said expanding the country’s trade partnerships is a priority for the Marcos administration as it seeks to strengthen the country’s export sector and boost the global competitiveness of local products.

“We have to remember that one country is not the market. The market is the world. So, we must find ways to compete globally,” she said.